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July 2015

A. P. (DIR Series) Circular No. 103 dated May 21, 2015

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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External Commercial Borrowings (ECB) denominated in Indian Rupees (INR) – Mobilisation of INR

Presently, residents can avail ECB in Indian Rupees from recognized non-resident lenders if the lenders have mobilized Indian Rupees through a swap undertaken with a bank in India.

This circular states that recognized non-resident lenders can now lend in Indian Rupees by entering into a swap transaction with their overseas bank which will, in turn, enter into a back-to-back swap transaction with any bank in India, subject to complying with KYC and other procedures as prescribed.

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